WASHINGTON (July 12, 2011) – In testimony before the U.S. Senate Banking Committee, North American Securities Administrators Association President and North Carolina Deputy Securities Administrator David Massey today outlined the gains made in investor protection since the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act nearly one year ago.

“This comprehensive law was crafted to promote stronger investor protection and more effective oversight to help prevent another economic crisis and restore the confidence of Main Street investors,” Massey said during a hearing before the U.S. Senate Banking Committee. “The Wall Street reforms and investor protection provisions in the Dodd-Frank Act were born out of necessity. The financial crisis made it clear that the existing securities regulatory landscape required an overhaul.”

Massey’s testimony focused on several provisions in the Dodd-Frank Act that help restore investor trust by enhancing investor protection from fraud and abuse in the financial markets. These include provisions that:

create an investor advisory committee to advise the SEC on its regulatory priorities, and;

authorize the SEC to take action to provide enhanced protections and remedies for investors in the areas of fiduciary duty and arbitration.

“Our message to Congress is simple and clear: Please continue your commitment to protecting investors and do not weaken the critical investor protection provisions of Dodd-Frank either directly through legislative repeals or indirectly through a lack of appropriate funding or delayed execution,” Massey said.

President Massey’s complete testimony is available on the NASAA website here.

NASAA is the oldest international organization devoted to investor protection. Its membership consists of the securities administrators in the 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Canada and Mexico.

For more information: Bob Webster Director of Communication 202-737-0900